Client Lifecycle Management (CLM) involves the entire journey that wealth managers travel with their clients, from initial client acquisition, engagement, digital onboarding, and regulatory compliance, through to relationship management and ongoing client servicing. A true CLM platform requires careful orchestration of many different systems and processes, to deliver automation benefits across the end-to-end client lifecycle.
In recent years digital signature technology has become one of the most powerful and effective ways to cut time, cost and friction out of wealth management processes, throughout the client lifecycle.
In our recent webinar we explained how firms who have already married CLM with digital signatures were best prepared to weather the COVID-19 storm. Not only were they able to continue executing transactions in a seamless and frictionless way, but they were also able to spend more time engaging with clients because they were spending less time on administration.
A Boston Consulting Group survey found that relationship managers spend only 5-10% of their time on new business and prospecting, and 40-45% on client servicing, because 45-55% of their time is spent on administration. This has to change for relationship managers to improve outcomes for clients and retain interest in their work.
Digital signature technology automatically identifies the documents that are required, depending on the profile of a client, pre-fills document fields with data from the CLM, automatically routes documents to clients for signature, tracks progress, and automatically drives workflows into onward processes such as onboarding, client servicing, compliance, tax or treasury. As well as eliminating manual administration, the entire process is more productive, and right-first-time rates are very high.
Digital signatures enable relationship managers to save time and enrich client experience at each stage of the process.
Digital signatures can drastically reduce the amount of time involved in gaining signoffs at every stage of the client lifecycle, as well as radically improving the client experience, shortening business cycles, reducing friction and ensuring compliance.
With the convenience and productivity gains that digital signatures deliver, it is little wonder that eSignatures have been one of the capabilities most frequently requested by our wealth management clients so far this year.
10 September 2020
Des gains très importants peuvent être réalisés grâce à la suppression des tâches routinières et répétitives qui affligent les gestionnaires de relation client depuis de nombreuses années.
3 min. read
4 September 2020
Get the latest WealthTech report to learn how technology is helping advisors engage with clients and deliver high quality service throughout the client lifecycle.
1 min. read
29 July 2020
How has the pandemic impacted the three vital phases of client lifecycle management (not only onboarding), and how can wealth managers respond?
3 min. read